When you acquire a mortgage, there is always a risk of foreclosure sitting in the back of your head. Life can get rough and monthly payments may start to pile up. When the hard times have rolled in full swing, you may not be able to make ends meet. Therefore, you may find yourself getting behind on your house payments. There are options when facing foreclosure in Salt Lake City.
So what can you do when you are facing foreclosure on your home?
Well, but here are a few suggestions to help you get on a good track. The sooner you take action, the sooner you can get in control of your life and avoid foreclosure.
Lender Communication
If you find that you are unable to scramble together enough funds to make your monthly house payment, then you should seek help as soon as possible. The longer you wait to make a payment, the more interest you will accrue. Therefore, you may be charged late fees. If this becomes a pattern after just three missed payments, you will get a foreclosure notice. Then, in 30 days, there will be an auction date set to sell your home.
One of your options to stop foreclosure before it happens would be to reach out to your lender. Talk with them and see if there is a way to renegotiate. Likewise, you may be able to get a new contract and get a payment extension date.
The Nest walks you through the steps to start the mortgage extension process. But you need to be aware that extending your monthly payment may reduce the payment and allow you more time to find the funds, but it will extend the term of the loan. Meaning that in the long run, it will cost you more money due to additional interest payments. But the benefit is that it helps extend your payment so that you have more time to get back onto your feet. Likewise, it may help stop the foreclosure of your home in Salt Lake City.
Short Sale
A short sale is another option that can get you in better graces with the mortgage company. Although a short sale isn’t the full amount of the loan, it is most likely more money than what the mortgage company was going to make in the foreclosure auction.
A short sale is a cheap option, but it can take some time to find the proper buyer. This is especially true if your house is “ugly”. This may make it difficult to stop your foreclosure. A short sale can be tough to get because of all the mortgage laws you are subject to.
If you only have 30 days to sell your home, a short sale can help. However, it could also get you in a bind if the mortgage company doesn’t like the offer. It is a step closer to getting rid of your home, but could potentially lead to a tougher situation. The house may not even sell.
Sell to Us
If you are finding it difficult to fund your home, then maybe you don’t want to find a way to keep it. Maybe you're looking to find something more affordable. Therefore, you can sell your home and get into something that better fits your lifestyle. Did you know that you can sell your home and have cash in your pocket in just seven days? This allows you to stop foreclosure in its tracks.
Let Enlight Homebuyers help you ease your financial burden, and take your home off of your hands. There is no need to ding your credit, lose your home, and deal with the stress of being left with nothing. There are options when facing foreclosure in Salt Lake City.
Call us today at 801-939-0123 for any questions. We are experienced and help free people from their homes. Likewise, we aim to make everyone feel comfortable with these difficult decisions!
